SPANISH BROADCASTING SYSTEM, INC. (NASDAQ:SBSA) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 – Entry into a Material Definitive Agreement
On June 9, 2017, we closed on the sale of our facilities at 10281 Pico Boulevard, Los Angeles, California (the “Property”) to an agreement dated May 15, 2017 by our subsidiary Spanish Broadcasting System, Inc. (the “Agreement”). The Property is where we currently maintain our Los Angeles radio operations. The purchase price under the Agreement was $14,700,000, which resulted in net proceeds of $10,337,883 to the Company, as defined by the Indenture governing our outstanding 12.5% Senior Secured Notes due 2017 (the “Notes”). The net proceeds were used to repay a portion of the outstanding indebtedness on our Notes.
to a separate office lease agreement, we will continue to maintain our radio operations at the Property for a period of up to 12 months after the closing.
About SPANISH BROADCASTING SYSTEM, INC. (NASDAQ:SBSA)
Spanish Broadcasting System, Inc. (SBS) is a Spanish-language media and entertainment company with radio and/or television stations in the United States Hispanic markets, including Puerto Rico. The Company operates in two segments: radio and television. The Company owns and operates radio stations in approximately six Hispanic markets in the United States: Los Angeles, New York, Puerto Rico, Chicago, Miami and San Francisco. Its television stations and related affiliates operate under the MegaTV brand. It produces and distributes original Spanish-language content, including radio programs, television shows, music and live entertainment through its multi-media platforms. It also maintains multiple bilingual Websites, including www.lamusica.com, Mega.tv and various station Websites that provide content related to Latin music, entertainment, news and culture, as well as the LaMusica mobile application. LaMusica also streams its stations’ content.
